​​​This page was created to give you answers to common tax questions we receive. Contact us if we can help clarify anything!

withholdings / tax rates

1. ​How do I ensure accurate pay withholdings?
2. How does changing jobs or having multiple employers affect my withholdings?
3. How can I still owe if I claim “0” on my W4?
4. Will contributing more to our 401k help us not owe with our tax return filing?​
5. Do I need to make estimated tax payments?
6. Are my work bonuses & commissions really taxed at a higher rate?​
7. How are my taxes affected by receiving a lump sum of income?
8. Do I have to pay payroll taxes for my cleaning person, nanny, gardener, pet sitter, or home nurse?​
9. What is my tax rate?

deductions / credits

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1. What are the differences between tax credits and tax deductions?
2. Should I utilize my employer's flex account, or take the child care credit?
3. Should I participate in my employer's flex spending account for medical expenses?
4. How can a health savings account help me?​
5. How do I value and keep records for my property donations? (Goodwill, etc.) 
6. How does the premium tax credit work?
7. Are renovations/improvements made to my primary home tax deductible?​
8. ​Can I deduct employee-related business expenses?
9. How do I get a tax deduction for donating a vehicle?
10. Are my gambling losses tax deductible?
11. Should I take the standard deduction? Or should I itemize deductions?
12. Should I track medical expenses for tax purposes?
13. When can I deduct moving expenses?
14. Is my car registration fee deductible on my tax return?
15. ​Are there any tax deductions for my motor home, boat, or travel trailer?
16. ​How does the electric vehicle tax credit work?
17. ​How does the solar tax credit work?

business-related

1. What tax & financial tips should I know for my business?​
2. How do I determine what is considered a business expense, verses a personal expense?
3. What are "self-employment" taxes?
4. When are work "uniforms" tax deductible?
5. ​Can I deduct expenses for a vehicle I use in my business?
6. How does the section 179 vehicle deduction work?
7. What are direct vs. indirect expenses for a home office?
8. How do I deduct shared business and personal use expenses, like cell phone and internet?
9. What is depreciation for business assets?
10. My business is currently structured as a sole proprietorship, should I incorporate?

RENTAL PROPERTIES

1. What tips should I know for renting out my home?
2. What should I know about converting my primary home into a rental? 
3. What are passive loss carryovers on rental properties, and how do they work?
4. How does depreciation affect rental sales?
   

MISCELLANEOUS

1. ​How long should I keep various tax records?
2. I'm married...should I file joint, or separate?
3. Is there an age limit on claiming a dependent?
4. I'm being offered work where I can choose a 1099 or a W2...which is better?
5. Why is my state refund taxable?
6. Are unemployment benefits taxable?
7. ​Is disability income taxable?
8. Is social security income taxable?​​
9. Is my settlement taxable?
10. Will I have to pay taxes on my inheritance?​
11. What are capital gains and how do passive losses work?
12. Should you reinvest dividends on stocks & mutual funds?
13. What is Alternative Minimum Tax (AMT), and how does it work?
14. I made excess contributions to my HSA...how do I correct the mistake?
15. Why did I get a notice about additional taxes owed after filing my return and paying the taxes due?
16. ​When does the IRS charge interest/penalties and how are the amounts calculated?
17. Is it the IRS, or a scam?
18. What do I do if I receive a letter from the IRS?
19. ​How does the 2018 Tax Reform affect me?​

View our other FAQ Pages:

• ​Home Loan FAQ's
• ​Personal Finance FAQ's

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